CHICAGO — Chicago Mayor Rahm Emanuel has proposed incentives that would support the development of a $19.4 million, 72-unit affordable seniors housing apartment building in Chicago’s Humboldt Park. North and Pulaski Elderly Limited Partnership Corp., would develop the five-story building to include a mix of one- and two-bedroom apartments, as well as an exercise room, laundry facilities and management offices. The complex, proposed for the long-vacant southeast corner of North Avenue and Pulaski Road, would include apartments for seniors aged 55 and older earning up to 80 percent of area median income. The city would provide $4 million in Tax Increment Financing, a $3.5 million loan and $1 million in Low Income Housing Tax Credits that would generate $10.1 million in equity for the project. The development partnership includes U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.
ANN ARBOR, MICH. — Colliers International has completed the sale of the former Borders corporate headquarters in South Ann Arbor. The 330,000-square-foot office complex includes two buildings and had a listing price of $18.3 million, according to AnnArbor.com. The property is located at 100 Phoenix Drive, just south of I-94. Colliers International Ann Arbor represented the seller, Modern Woodman of America, in the transaction. Gold Star Mortgage has signed a lease for 65,000 square feet. Colliers was hired to lease out the remaining vacant space. The buyer was undisclosed.
INDIANAPOLIS — Subaru of America has signed a build-to-suit agreement for a 715,000-square-foot distribution center. The new facility will be located in the Northwest Indianapolis submarket at Prologis Park Lebanon, proximate to major freeways and the Indianapolis International Airport. Thestate-of-the-art facility will be utilized as a regional parts distributioncenter. Subaru of America signed the build-to-suit agreement with Prologis Inc.
HOLLAND, MICH. — The 117,750-square-foot Lakeshore Medical Office Complex in Holland has sold to a private family office based in New York City and Chicago for $8 million. The four-building complex is 85 percent occupied and was owned by a CMBS Trust. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services Inc. represented the buyer in the transaction.
BOSTON — Boston Capital has closed on Boston Capital Tax Credit Fund XXXVII, a nationally diversified portfolio of 25 affordable apartment properties in 16 states with a fund size of $130 million in equity. The properties acquired by Corporate Fund XXXVII add an additional 1,350 apartment units to Boston Capital's holdings. The Fund includes nine developments for senior citizens and 16 properties for families across the United States. Fund XXXVII will result in the creation of nearly 1,400 local jobs and will generate nearly $104 million in local income.
PHILADELPHIA — Philadelphia-based D3 Real Estate Development, in a partnership with Baltimore-based Seawall Development Co., held a groundbreaking ceremony for the $35 million Oxford Mills – The Center for Educational Excellence today. Oxford Mills is a 160,000-square-foot, mixed-use redevelopment designed specifically to support Philadelphia’s education community. The project will convert a historically certified factory complex bordering both the Northern Liberties and Fishtown neighborhoods into a modern educational hub. Oxford Mills will include 114 one- and two-bedroom apartments, complimentary shared resource/copy centers, fitness center and free on-siteparking. The residences will be available for occupancy in summer 2014. Theproject also features 40,000 square feet of office space created to supporteducational nonprofits and is anchored by Teach for America’s regional headquarters. The commercial space will be available for occupancy beginning April 2014.
SOMERS POINT, UNION CITY AND TRENTON, N.J. — Eastern Union Funding has arranged approximately $21 million in financing for multifamily properties in New Jersey. A 171-unit multifamily property in Somers Point received $9.5 million in refinancing. The 10-year loan holds a 4 percent interest rate with a 30-year amortization schedule. A 45-unit multifamily property in Union City received $3.5 million in refinancing. The three-year loan holds a 3.5 interest rate with a 30-year amortization schedule. The last loan was for a 73-unit multifamily property in Trenton, which received $2.2 million in refinancing. The 10-year loan holds a 3.8 interest rate with a 30-year amortization schedule.
STRATFORD, CONN. — Seaboard Industries Inc. has signed a lease for 32,000 square feet for a pool and spa supply warehouse, located at 100A Benton St. in Stratford. Jon Angel of President Angel Commercial LLC represented the tenant in their search and in the lease negotiations. Rob Shawah of Baldwin Pearson represented the landlord, Ernest Trefz. The family-run business wholesales a variety of chemicals equipments and parts for the pool and spa industry.
SAN ANTONIO — The LaSalle Group plans to build the $10.7 million Autumn Leaves of Stone Oak, a memory care community located at 20272 Stone Oak Parkway in San Antonio. The 30,000-square-foot community is The LaSalle Group's first memory care community in San Antonio and will care for approximately 50 residents. The project is the result of a partnership between The LaSalle Group, Frost Bank and Dallas-based MedProperties Investment Partners LP. The property is expected to open in the spring of 2014.
DALLAS — Stream Realty Partners has arranged a lease renewal, including an expansion and extension, at Lakeside Tower, a 200,000-square-foot office in Richardson, a suburb of Dallas. The eight-story office building is 98 percent occupied and is located at 2350 Lakeside Blvd. in Richardson. Texas Capital Bank will occupy 170,000 square feet at Lakeside Tower, an increase of 50,000 square feet. Tommy Nelson and Jeff Schweitzer of Stream Realty Partners represented the landlord, TriGate Capital, in the lease renewal and expansion. Terry Quinn and Eddie Tillman of Cresa Dallas provided tenant representation for Texas Capital Bank.